Inovest B S C : Q1 Financial Statement 2021

INOVEST B.S.C.

SHARI'A SUPERVISORY BOARD REPORT INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

31 MARCH 2021 (REVIEWED)

Inovest B.S.C.

Administration and contact details as at 31 March 2021

Commercial registration number	48848 obtained on 18 June 2002
Board of Directors
Mohammad Hamad Al-Shalfan	- Chairman
Mohammad Salah Al-Ayoub	- Vice-Chairman
Abdulaziz Asaad Al-Sanad	- Director
Mohamed Abdulwahab Al Matook	- Director
Abdullah Mohammed Al-Abduljader	- Director
Dr. Abdulaziz Fahad Al Dakheel	- Director
Ausama Abdulrahim Al-Khaja	- Director
Chief Executive Officer
Yaser Hamad Al-jar
Board Secretary
Riyadh Mahmood Mulla Ahmed
Sharia'a Supervisory Board
Sheikh Dr. Khalid Shuja'a Al-Otaibi	- Chairman
Sheikh Dr. Dawoud Salman Bin Essa	- Vice-Chairman
Sheikh Dr. Murad Bou Daia	- Member
Corporate Governance, Nomination and Remuneration Committee members
Abdulaziz Asaad Al-Sanad	- Chairman
Abdullah Mohammed Al-Abduljader	- Vice-Chairman
Mohammed Abdulwahab Al Matook	- Member
Audit and Risk Committee members
Ausama Abdulrahim Al-Khaja	- Chairman
Mohammad Salah Al-Ayoub	- Vice-Chairman
Dr. Abdulaziz Fahad Al Dakheel	- Member
Registered office	19th floor, East Tower
	Bahrain Financial Harbour
	P.O. Box 18334
	Manama
	Kingdom of Bahrain
	Telephone no. [phone]
Bankers	Bahrain Islamic Bank B.S.C.
	Ithmaar Bank B.S.C.
	Kuwait Finance House (Bahrain) B.S.C. (c)
	Kuwait Finance House (Kuwait) K.S.C.P.
	Boubyan Bank (Kuwait)
	Khaleeji Commercial Bank B.S.C.
	Al Baraka Islamic Bank B.S.C. (c)
	Al Salam Bank, Bahrain B.S.C.
Auditors	Ernst & Young (EY)
	P.O. Box 140
	10th Floor, East Tower
	Bahrain World Trade Center
	Manama, Kingdom of Bahrain
Share registrars	Bahrain Clear
	Bahrain Financial Harbour, Harbour Gate,
	Level 4, P.O.Box 3203

Manama

Kingdom of Bahrain

Kuwait Clearing Company S.A.K.

P.O. Box 22077

Safat 13081

State of Kuwait

Ernst & Young - Middle East	Tel: [phone]
P.O. Box 140	Fax: [phone]
East Tower - 10th floor	[e-mail]
Bahrain World Trade Center	www.ey.com/mena
Manama	C.R. no. 29977-1
Kingdom of Bahrain

REPORT ON REVIEW OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE BOARD OF DIRECTORS OF INOVEST B.S.C.

Introduction

We have reviewed the accompanying interim condensed consolidated statement of financial position of Inovest B.S.C. (the "Company") and its subsidiaries (together the "Group") as of 31 March 2021, and the related interim condensed consolidated statements of income, changes in owners' equity, cash flows and sources and uses of charity fund for the three-month period then ended and explanatory notes. The Board of Directors is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with the accounting policies disclosed in note 2. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with the accounting policies disclosed in note 2.

10 May 2021

Manama, Kingdom of Bahrain

A member firm of Ernst & Young Global Limited

Inovest B.S.C.

INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 March 2021 (Reviewed)

		Reviewed		Audited
		31 March	31 December
	Note	2021	2020
	US$ '000		US$ '000
ASSETS
Cash and bank balances	4	19,423	23,399
Accounts receivable	5	25,671	23,072
Investments	6	13,188	12,593
Investment in joint ventures and associates	7	95,634	95,681
Investment in real estate	8	77,853	76,824
Property, plant and equipment	9	8,858	9,045
Other assets	10	829	818
TOTAL ASSETS		241,456	241,432
LIABILITIES AND OWNERS' EQUITY
Liabilities	11	68,610
Other liabilities and accounts payable	69,263
Financing from a bank	12	5,511	5,439
Total liabilities		74,121	74,702
Owners' Equity
Share capital	13	120,334	120,334
Less: Treasury shares	(1,309)	(1,309)
		119,025	119,025
Reserves		6,666	6,071
Retained earnings		16,453	16,527
Equity attributable to Parents' shareholders		142,144	141,623
Non-controlling interest		25,191	25,107
Total owners' equity		167,335	166,730
TOTAL LIABILITIES AND OWNERS' EQUITY		241,456	241,432

_______________________________	___________________________________
Mohamed Al-Shalfan	Mohamed Al-Ayoub
Chairman	Vice-Chairman

______________________________

Yaser Hamad Al-Jar

Chief Executive Officer

The attached explanatory notes 1 to 21 form part of these interim condensed consolidated financial statements.

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